Sundaram Mutual needs a partner for products distributionJune 26th, 2012 - 8:17 pm ICT by IANS
Chennai, June 26 (IANS) Sundaram Asset Management Company is looking for a partner to distribute its products. The city-based firm is planning to triple its assets under management (AUM), focusing on debt and fixed income funds.
“We are looking out for a partner to distribute our products. We are notl ooking out for an joint venture partner. Our plan is to triple our assets under management which is currently around Rs.13,000 crore but we are not in a position to put a time frame to achieve that,” Harsha Viji, deputy managing director, told reporters here Tuesday.
The company is the investment manager for Sundaram Mutual and Viji, a qualified chartered accountant and scion of Sundaram family, will take over as the managing director of the fund house next month.
He said around Rs.6,000 crore of the total AUM consisted of debt fund and it would continue to grow.
“We have chalked out a clear strategy to grow the business and we will execute the plan.”
Asked about reports that the market regulator’s idea of monitoring the performance of the funds and whether it would not amount to micro managing the sector, he said: “The regulator has wide powers to monitor and we will extend our cooperation.”
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